Icicle Seafoods Sold Off to Indonesia's Convergence Holdings and Dominion Catchers
On Friday Investment firm Paine & Partners and Icicle Holdings, entered into agreements to sell Icicle to Indonesia’s Convergence Holdings, Inc. and Dominion Catchers, LLC. Under the transactions, Convergence will acquire Icicle's land-based wild seafood processing and farmed salmon activities, and Dominion will acquire Icicle's harvesting and processing vessels as well as the associated fishing rights. At the same time, Convergence and Dominion have agreed to enter into long-term contracts to continue Icicle's seafood operations following the completion of the transactions. "We are pleased about this announcement, under which Icicle will move forward with long-term owners who firmly share Icicle's commitment to quality and sustainability," said Chris Ruettgers, Icicle’s CEO. Details of the deal--expected to close this August—have not been released.
Meanwhile, the Alaska Salmon Processors Association (ASPA) rebuffed an attempt by North Pacific Seafoods, Icicle and Trident Seafoods to enter into a binding arbitration process with the MSC client group in order to resolve the ongoing salmon certification dispute. The ASPA withdrew from binding arbitration after it had demanded the three major Alaskan processors make any outcome of the process condition-free. The three processors requested that the outcome of the binding arbitration be applied to the entire group of processors seeking re-entry into the MSC.
In other news Sysco has walked away from the multi-billion merger deal with US Foods after a federal judge ruled in favor of a preliminary injunction against the deal over antitrust issues. Sysco will now have to pay a $300 million breakup fee to US Foods. “After reviewing our options, including whether to appeal the court's decision, we have concluded that it's in the best interests of all our stakeholders to move on," said Bill DeLaney, Sysco's chief executive.
Finally, Bristol Bay sockeye started running in volume over the weekend. By Sunday, an estimated 1.44 million sockeye were caught with escapements reported at 1.08 million fish. The Bristol Bay harvest is forecast to reach 37.6 million sockeye, which would make it the third largest catch since 1960.
To Read Full Story Login Below.